President Donald Trump told the public on July 6 that people in the crypto industry should feel fortunate he’s sitting in the Oval Office. The occasion? His administration’s ongoing campaign to drop federal investigations into crypto companies and individuals that had been initiated under the Biden administration.
It’s a remarkable statement from a president whose own financial disclosures reveal over $1.4 billion in crypto-related income in 2025 alone.
The enforcement rollback
The scale of the regulatory retreat is hard to overstate. Within the first month of Trump’s return to office, investigations against at least 89 companies were dismissed. The DOJ’s National Cryptocurrency Enforcement Team, which had been the federal government’s primary weapon against crypto fraud, was disbanded entirely.
The SEC followed a similar playbook. Numerous enforcement actions that were active during the Biden era have been paused or dropped outright. Trump has characterized the previous administration’s approach as unfairly targeting “good people” in the space.
